Exchange of contracts
This exchange of contract is done formally through a telephone conversation between solicitors. It defines price, date and the particulars of completion. Note the following:
- Until the exchange of contracts, either party is free to withdraw from the transaction without penalty.
- The buyer will have to pay part of the purchase price to their solicitor as a deposit to be held on your behalf. This can be forfeited, if the buyer fails to complete the contract.
- Do not cancel your insurance cover until one of our solicitors advises you to do so.
Completion date
The day on which you are paid the money and hand over the keys is called the completion date. Note the following:
- You must have emptied the property by that time, unless it has been agreed otherwise in writing between solicitors.
- You must leave anything that the buyer has agreed to purchase.
Estimated time frame
The average time for a conveyancing transaction is between 8- 12 weeks. Completion can often take place earlier or later than the average time frame specified. The time period to complete a transaction depends on a range of factors which can include: –
- If the transaction is a chain transaction and the number of parties in that chain.
- Search’s: if there is a delay in optioning any search or if a search result shows something unexpected
- If there is a delay in mortgage offers being issued, or if the offer is incorrect
- If the legal title to your property is complex
- If there is a Management Company involved
We endeavour to keep you posted on the matter and will therefore keep you updated on any revised time period following our initial meeting.
Costs
We offer a fixed fee for our conveyancing services which is based on the value of the property that you are selling. Our costs are broken down into legal costs and disbursements. Disbursements are third party costs, such as costs for land registry fees etc. The disbursements vary from case to case. We handle the payment of the disbursement on your behalf to ensure a smoother process.
Therefore, at the outset of the matter we will advise you of the fixed fee together with a breakdown of all disbursements, we will send you our terms and conditions so that we’re completely transparent at every step. Our quotes will give a breakdown of all charges and will then have a total figure, which is inclusive of VAT.
The legal costs on a conveyancing depends on the value of the property and the nature of the transaction.
The average legal fee for a property with a value between £50,000-£500,000 is between £400 – £1550 plus Vat at 20%. Properties with a value over £500,001 the costs would be 0.5% of the Purchase Price plus Vat at 20%. These figures may be higher if the transaction is complex.
On each transaction there are likely to be the following additional fees:
- Land registry search
- Land charges search
- We make an additional charge of £30 plus VAT at 20% for each telegraphic transfer of monies that is required during the transaction.
An explanation of the likely disbursements and addition cost that may arise can be found here.
For further information please contact our offices for a free quotation. By contacting our offices, we will be able to provide you with a quote having discussed the potential features of the transaction.
What will our fees cover on a sale?
The fees we quote will cover the costs to complete the transaction. This includes advising you, liaising with the buyer’s solicitors/mortgage provider, estate agents, HM Land Registry and all parties involved in the transaction. The fees will also include the drafting of any contract packages and all the paperwork involved during the entire selling process.
